The one key factor that keeps most people in debt and paying credit cards or making mortgage payments for 30 to 40 years is the ugly, but profitable effects of compounding interest on loan balances. It is these balances that banks calculate interest and finance charges on daily that keep you from debt elimination and financial freedom. This compounding interest is what keeps the banks and lenders from going out of business, but the good news is that you can use the same math that the banks use to make a profit and turn the cards in your favor to assist you in paying down your mortgage or debts faster. This process can be achieved by setting up what is known as a money merge account.
What Is A Money Merge Account?
A money merge account is a system that can be used to reduce the daily balance on any loan which will have the effect of reducing the interest on the loan, which will in turn make it possible to payoff faster because of less interest due and more money being applied to the principal. These accounts are typically setup using a HELOC or home equity line of credit which is basically in the simplest terms a credit line like a credit card secured against the equity in your home.
How Does The Money Merge Account System Work?
What happens when you set up one of these accounts is that you start depositing money into a regular checking account. Next you would transfer it to the merged account and tell it how much was deposited. You would then adjust every month depending on your situation how much extra to apply towards the balance of your mortgage or loan and go about paying your bills as normal. The effect of utilizing this system will let the interest rate become reduced on a daily basis.
This system can be applied using math and paper but unless you are really good at math and keeping perfect records, you are better off using a software to compute the complex algorithms and keep records of your income and spending.
But I Heard That It Was A Scam…
Unfortunately the money merge account system has gotten some bad press from people who just don’t understand how it works or are just trying to protect their own financial interests.
The actual concept of the system has been around for a long time and originated in Australia. It has been used by thousands of people around the world for mortgage acceleration and early payoff of loans.
Part of the reason it gets a bad rep is that one of the main promoters of the system is an MLM company called United First Financial or UFF and people associate MLM with ponzi schemes or scams, so many are quick to judge based on the MLM model. of distribution.
United First Financial is not the only company to provide the software necessary to make the calculations. They charge $3500 for it, but it can be purchased for thousands of dollars less from smaller competitors with similar systems.
Final Thoughts
There are a few pros and cons to using a money merge account. Using just simple math proves the system to work on paper with its interest reduction power, but for some people it might not be an option if they are unable to keep tight control of money, especially if it is freely available to spend. For those who are interested in paying down their mortgage or debt in the fastest time possible, and are disciplined enough to control their monthly budgets and cash flow, a money merge account should be an option on the table to look into if you are interested in mortgage acceleration or debt elimination systems..